S. 3323 · 116th Congress
Credit Union Governance Modernization Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SmithSponsor3 cosponsors · 1 D, 2 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill revises the procedure for expelling members from a federal credit union. Specifically, a member may be expelled for cause pursuant to a policy adopted by a majority vote of a quorum of the directors of a credit union. Currently, a member may be expelled by a two-thirds vote of the credit union membership present at a special meeting.
What it does: CRS summary · Introduced in Senate · Feb 24, 2020
Credit Union Governance Modernization Act of 2020
This bill revises the procedure for expelling members from a federal credit union. Specifically, a member may be expelled for cause pursuant to a policy adopted by a majority vote of a quorum of the directors of a credit union. Currently, a member may be expelled by a two-thirds vote of the credit union membership present at a special meeting.
The expelled member may request reinstatement by the credit union board.
Member conduct that may be cause for expulsion includes
- a loss to the credit union,
- a violation of the credit union membership agreement,
- a disruption to the operations of a credit union,
- fraud or attempted fraud, and
- other illegal or inappropriate behavior.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Union Governance Modernization Act of 2020
Latest action (Feb 24, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Feb 24, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.